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This website contains the communication between
TCI Fund Management Ltd. (“TCI”) and Volkswagen AG ("VW").

Disclaimer Notice

Please read this disclaimer notice before proceeding. It contains important information, including legal and regulatory notices relevant to the information on this site.

This disclaimer notice explains the legal and regulatory restrictions in relation to this site. By accessing any page of this site, you accept and agree to be bound by the terms of this disclaimer notice and this disclaimer notice shall constitute a binding legal agreement. If you do not agree with anything in this disclaimer notice, please exit this site.

The information within this site is issued by TCI Fund Management Limited ("TCI") for information purposes only. TCI is authorised and regulated by the UK’s Financial Conduct Authority ("FCA"). Most, if not all, of the protections provided by the United Kingdom regulatory structure will not apply to investments in any fund managed by TCI (each a "Fund" and together the "Funds").

This site does not constitute an offer by TCI or any Fund to enter into any contract or agreement, nor is it a solicitation to buy or sell any investment in any Fund or otherwise. This site does not represent advice as to the merits of any investment or any other course of action. Users of this site must take their own decisions, having taken independent advice where appropriate.

Please read this disclaimer notice carefully each time you access this site. This disclaimer notice may be subject to change without notice to you. Your continued use of this site following any changes will mean that you have accepted such changes.

Your use of this site

This disclaimer notice sets out the terms on which you may make use of this site and applies to every page on this site, whether or not such page is individually disclaimed.

You must NOT use this site (or permit or procure others to use it):

  • for any unlawful, improper or illegal purpose or activity;
  • to communicate or receive information that is obscene, indecent or racist in content, of a sexually explicit or graphic nature, which promotes or incites discrimination, hatred or racism or which might be legally actionable for any reason;
  • in a manner intended to threaten, harass or intimidate;
  • to violate TCI's or any third party's copyright, trade mark, proprietary or other intellectual property rights;
  • to damage TCI's name or reputation or that of any third parties;
  • to impersonate any of TCI's employees (and the members, officers and employees of TCI’s affiliated entities) or other person or use a false name while using this site or implying any association with TCI or any Fund;
  • to penetrate TCI's security measures or other entities' systems ("hacking");
  • to transmit unsolicited voluminous emails (for example, spamming) or to intercept, interfere with or redirect email intended for others using this site;
  • to generate excessive amounts of internet traffic, to interfere with TCI's network or other's use of this site or to engage in activities designed to degrade or deny, or having the effect of degrading or denying, service to users of this site or others;
  • to introduce errors, viruses, bugs, worms, harmful code and/or Trojan horses onto the internet or into this site or any other entity's systems. TCI does not warrant that the servers which make this site available will be free from such threats and it is your responsibility to make adequate provision for protection against, and to ensure that whatever you download or select for your use from this site is free from, such threats;
  • to post or transmit information that is defamatory, fraudulent or deceptive, including but not limited to scams such as "make-money-fast" schemes or "pyramid/chain" letters; and/or
  • to transmit confidential or proprietary information, except solely at your own risk.

If you submit any contribution to TCI or to this site (whether in the form of comments, copies of correspondence, other material relevant to Volkswagen AG, or otherwise):

  • you grant to TCI an irrevocable, royalty-free, worldwide licence to use and reproduce the material in such contribution in any way it may reasonably choose (including reproduction of such material on this site);
  • you confirm that you have full authority to permit TCI to do so; and
  • you represent and warrant to TCI that the content of such material is clear, fair and not misleading and that, to the extent that the content of such material represents opinion, that opinion is honestly held.

TCI may review any contribution you make and may edit and/or remove it for operational or editorial reasons or if it believes that the material contained therein does not comply with this disclaimer notice. Any copyright in your contribution will remain with you.

When using this site, you must comply with all applicable local, national and international laws and regulations, including those related to data privacy, international communications and exportation of technical or personal data. It may be illegal to download the information contained on this site in certain countries TCI, its affiliated entities and the Funds disclaim all responsibility if you download any information from this site in breach of any law or regulation of the country in which you reside.

Content of this site

The purpose of this site is to provide information about TCI’s views on Volkswagen AG, and how it could, in TCI's opinion, be managed to improve the alignment of interests between the company, its staff and shareholders. TCI may include information and views on Volkswagen AG, provided by other investors and interested parties. TCI, its affiliated entities and the Funds accept no responsibility for the accuracy or completeness of comments made by other persons.

By proceeding you agree, so far as this is permitted under the provisions of applicable legal and regulatory systems, to the exclusion by TCI, its affiliated entities and the Funds of any liability, including without limitation liability for any loss of profit, loss of or damage to data, loss of anticipated savings or interest, loss of or damage to reputation or goodwill or any other direct, indirect, special or consequential damages loss, costs, claims or expenses of any kind, arising out of, or in connection with, your use of this site and/or any linked sites.

The contents of this site are based upon sources of information believed to be reliable and every effort is made to ensure that the contents of this site are accurate and complete. However, save to the extent required by applicable law or regulations, no guarantee, warranty or representation (express or implied) is given as to its accuracy or completeness and none of TCI, the officers and employees of TCI, its affiliated entities and the Funds accept any liability or responsibility in respect of the information or any views expressed herein. This site may include forward-looking statements that are based upon TCI's current opinions, expectations and projections.

TCI undertakes no obligation to update or revise any information after the stated date of its publication, including any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements. Many statements on this site are statements of opinion only. Where they represent the opinions of TCI or its officers or employees, those opinions are honestly held. However, opinions may differ.

If you have accessed this site using a link from an external site, TCI, its affiliated entities and the Funds do not accept any liability or responsibility for the accuracy or completeness of information contained within the sites of third parties who have links to any pages of this site.

Links to external sites are provided for your convenience. Again, TCI, its affiliated entities and the Funds does not accept any liability or responsibility for the accuracy or completeness of information contained within those sites or the reliability, quality or effectiveness of any products or services provided through those sites. A link to an external site does not imply an endorsement of the views held, or the information, products or services provided by, such sites.


This site does not constitute an offer by TCI to enter into any contract or agreement, nor is it a solicitation to buy or sell any investment. It should not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful or unauthorised.

United States of America

The provision of the information in this site does not constitute an offer of securities to any person in the United States or to any U.S. Person as such term is defined under the Securities Act of 1933, as amended. The information contained in this site about TCI and/or any of its affiliates is not directed to any person in the United States. The Fund is neither registered under the Securities Act 1933 of the USA, nor is it registered under the Investment Company Act of 1940. Consequently, it cannot be offered for sale or be sold in the United States, its territories, possessions or protectorates under its jurisdiction, nor to nationals, citizens or residents in any of those areas.


No information contained in this site should be deemed to constitute the provision of financial, investment or other professional advice in any way.

Ownership and copyright

The copyright in this site and (unless otherwise indicated) its contents, including all material, information, graphics, code, text and design, are owned by TCI and should not be copied, reproduced, republished, downloaded, posted, broadcast, transmitted, disseminated or distributed in any way without the prior written permission of TCI.

Material interests

TCI, its officers and employees (and the members, officers and employees of its affiliated entities), may have holdings in a Fund which may hold investments referred to in this site.

Data protection

As a result of your use of this site, TCI may hold and process personal information about you. All personal data held by TCI will be treated in accordance with the Data Protection Act 1998.


If any of the points in this disclaimer notice are found to be unenforceable under applicable law, that will have no bearing on the enforceability of the rest of this disclaimer notice.

Governing law

This site is established by TCI and your browsing in, and use of it, shall be governed by the laws of England and Wales. A condition of using this site is that, in the event of any dispute or claim (including non-contractual disputes or claims), you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales and waive any objection to proceedings in such courts on the grounds of venue or on the grounds that the proceedings have been brought in an inconvenient forum.

TCI Fund Management Ltd. is authorised and regulated by the Financial Conduct Authority of the United Kingdom.